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General Revenue Bonds and Notes


General Revenue Bond Resolution PDF 

RATINGS
Moody's S&P
A1 (Stable) uninsured A (Stable) uninsured
A2 insured

AA insured


DEBT OUTSTANDING (As of 03/05/20)
Series Amount Insurer1
Series I $177,940,000 Uninsured
Series J $608,495,000 Uninsured
Series K $713,570,000 Assured Guaranty Municipal - formerly FSA
Series L $530,265,000 Uninsured
Series M $857,625,000 Uninsured
Series N $450,000,000 Uninsured
Total: $3,337,895,000 1Portions of each series are insured, unless otherwise noted.

PURPOSE: The Series I Bonds were issued (i) to fund a portion of the cost of the Authority's 2012-2015 Multi-Year Capital Program, (ii) to provide funds to pay the principal and interest at maturity of the Authority's General Revenue Bond Anticipation Notes, Series 2011A, (iii) to make a deposit to the Senior Debt Service Reserve Fund, and (iv) to pay the Costs of Issuance of the Series I Bonds. The Series J Bonds were issued (i) to fund a portion of the cost of the Authority's Multi-Year Capital Program (ii) to provide funds to refund a portion of the Authority's General Revenue Bonds, Series F and Series G (iii) make a deposit to the Senior Debt Service Reserve Fund, and (iv) pay the Costs of Issuance of the Series J Bonds. The Series K Bonds were issued (i) to provide funds to refund certain of the Authority's outstanding bonds and (ii) to pay Costs of Issuance of the Series K Bonds. The Series L Bonds were issued (i) to provide funds to refund certain of the Authority's outstanding bonds and (ii) to pay the Costs of Issuance of the Series L Bonds. The Series M Bonds were issued to provide funds to refund certain of the Authority's outstanding bonds, and to pay the Costs of Issuance of the Series M Bonds. The Series N Bonds were issued to (i) fund a portion of the Authority’s Multi-Year Capital Program, (ii) make a deposit to the Senior Debt Service Reserve Fund, (iii) fund capitalized interest on the Series N Bonds, and (iv) pay the Costs of Issuance of the Series N Bonds.

SECURITY: The Bonds are direct and general obligations of the Authority secured by a pledge of revenues and funds established under the Resolution. The Senior Debt Service Reserve Fund Requirement is equal to the Maximum Annual Debt Service.

DEBT SERVICE COVERAGE: Calendar Year 2018 net revenues of $453.8 million provided 2.06 times coverage of annual debt service requirements of $220.3 million.